Report: Jupiter Asset Mgmt To Announce London Float

LONDON (Reuters) – British fund firm Jupiter Asset Management is set to announce a London listing of its shares, a move that could value the group at up to 1 billion pounds ($1.44 billion), the Financial Times reported on Tuesday.

The paper said Jupiter, who is being advised by Lexicon Partners, JPMorgan and Bank of America Merrill Lynch, planned to raise between 200 and 250 million pounds by issuing new shares and from the sale of some existing shares by staff.

Citing people with knowledge of the firm, the FT said the proceeds would be used to fund further expansion and to slash net debt below 200 million pounds.

Last March the firm renegotiated the terms of its loans with investors ahead of a possible initial public offering (IPO) of its shares.

No one at Jupiter could immediately be reached for comment.

(Reporting by Caroline Copley; Editing by Bernard Orr)